Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. Here’s what you need to do to earn your Novo referral bonus:
- Open a Novo business checking account using a referral link (here’s my Novo bank referral link).
- Deposit $100 to your Novo checking account within 30 days of opening your Novo account.
- Maintain at least a $100 balance in your Novo account for 30 days.
This is an easy bank account bonus to earn since it doesn’t require a direct deposit and only requires you to keep $100 in the account for at least 30 days.
In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog.
In this post, we’ll take a brief look at what Novo is, go over how to earn your bonus, and discuss some strategies you can use to earn more from Novo.
What Is a Novo Business Checking?
Novo is a fintech business banking app similar to Lili, Relay, and other fintech business checking accounts. They offer a full-featured business checking account, with funds held at Middlesex Federal Savings, which is an FDIC-insured bank that partners with Novo.
I first switched to Novo after Azlo, the previous business checking account I used, closed. What I like about Novo is that it offers a sleek website and app that’s well suited for the needs of a small business like mine.
In addition, I like Novo because it has no fees or minimum balance requirements. On principle, I don’t believe banks should charge fees or require you to jump through hoops to avoid fees. And for bank bonus purposes, a no-fee bank account is much easier to manage.
One thing to remember is that Novo is a business checking account, which means that you’ll only be eligible for it if you have some type of business. However, Novo does support side hustlers and sole proprietors, so if you earn any sort of money outside of your day job, you’ll qualify for a Novo account. Even doing something as simple as delivering food with DoorDash or Uber Eats would qualify you to open a Novo account.
If you’re interested in learning more about Novo, be sure to read my in-depth Novo Review post. I go into a lot of detail about what Novo is and how I use it in that post.
Novo $40 Referral Bonus: Step-By-Step Directions
With that background out of the way, let’s go into detail about how to earn your Novo referral bonus. Here’s what you need to do.
1. Open Your Novo Business Checking Account Using A Referral Link.
First, you’ll need to open a Novo account using a referral link. Here’s my Novo referral link if you’d like to support this blog.
To open your account, simply select what type of business you have (i.e. sole proprietorship, LLC, S-Corp, etc), then submit any supporting documents they request. Your account should be approved within a few days. The entire signup process is online and should take you about 10 minutes to complete. My account was approved and up and running within a few days.
Remember, if you have any sort of side hustle or earn income outside of your day job, you likely have your own business and can qualify to open a business checking account.
2. Deposit $100 Into Your Novo Account Within 30 Days.
Once you’ve opened your Novo account, your next step will be to deposit $100 into your Novo account within 30 days. You can make your deposit immediately when you open the account or wait until after you have the account set up.
To deposit the money, click on “Move Money” at the bottom of the Novo app, then click “Transfer Funds to Novo.” You can link external bank accounts to Novo using Plaid.
Ideally, do this as soon as you can so you don’t forget to fund the account.
3. Maintain At Least A $100 Balance For 30 Days.
After you’ve deposited the $100, you’ll need to maintain that balance for 30 days. This is self-explanatory. Just put the $100 into the account and leave it there. Once you meet this requirement, you’ll be eligible for the bonus.
The terms do not state when the bonus will post, but I imagine it should post quickly. If anyone has any data points, please feel free to share them below.
Refer Your Friends And Earn More Novo Referral Bonuses
When you open your Novo business checking account, you’ll get a referral link that you can use to refer other people. Each person you refer that meets the requirements will earn you $40 (the person you refer will also earn $40 for using your link).
You can earn up to 10 total referral bonuses, which means under the current promotion.
There’s an opportunity here to make a decent chunk of money if you do this correctly. If you’re a two-person household, for example, you should be able to earn $120 by opening a Novo account for both people. To do this, first, open your account using a referral link. Then, refer your spouse or partner with your referral link. You’ll get $40 for opening your account, then your spouse will get $40 for using your referral link and you’ll get an additional $40 for referring your spouse.
Novo is a business checking account with an easy signup bonus. You can apply for your account in a few minutes and get your account up and running within a few days. The bonus also doesn’t require a direct deposit, so that’s another thing you can avoid.
If you feel like supporting this site, please feel free to use my Novo referral link. For a ton of detail about bank account bonuses, be sure to check out my post, The Ultimate Guide to Bank Account Bonuses.
Hope this post helps!